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Friday, 5 December 2014

Center City Retail Sector is Growing and So Does The Real Estate

Center City includes central business district of Philadelphia
and its retail setup is sustained by young forces including families, tourists
and millennials. Since the demand is
growing up, the number of retailers is also on the increase. More national &
international brands are opening up stores in Center City.

Even if these big players have entered the picture, you can
still see 77% of retailers running boutiques and firms here. The progressive
trends indicate great future prospects as new retail spaces have been added to
place, the details of which is below:

60,000-square-foot project on Walnut Street

Another 30,000-square-foot on Walnut Street

Brickstone Properties

National Real Estate Project

Out of these the Midwood Investment & Development has
biggest project that is supposedly secured by Cheesecake Factory. The second
biggest space (in this list) belongs to Pennsylvania Real Estate Investment
Trust and is also located at Walnut.

Considering the experts’ options on this growth, the retail
scenario is expected to gain more power if few factors including demand remain
constant for a while. With this, we may see increasing demand of space as well
as renting options.

Keep track of NRIA’s blog to get timely updates regarding
real estate market and experts’ opinion on the current state.